SunEdison Secures USD $75 Million For Solar Projects

SunEdison solar

SunEdison, Inc. (NYSE: SUNE), has announced an agreement with JPM Capital Corporation; which will invest up to $75 million in a $175 million solar energy development fund.

Using the financing, SunEdison’s yieldco, TerraForm Power, Inc (Nasdaq: TERP) will purchase up to 60 megawatts of solar power projects that SunEdison will develop and construct in 2014 and 2015.

“This is one of the largest funds of its kind in 2014, and it puts SunEdison and Terraform Power in an ideal position to rapidly grow and expand the solar energy market, all while offering excellent pricing and financing to our customers,” said Ryan Bennett, vice-president of project finance, North America at SunEdison.

In other recent SunEdison news, the company announced last week it has closed on an additional $117 million for a solar fund with Barclays and Citi. This brought the aggregate value of funds closed this year with Barclays and Citi for SunEdison and TerraForm Power’s distributed generation projects to $290 million.

The fund will provide financing for a portfolio of solar projects in 12 states across the USA’s West Coast, mid-Atlantic, New England, Hawaii and Puerto Rico. Projects under the fund are expected to be operational in the final quarter this year through the first half of next year; which will then be sold to Terraform Power.

This latest round continues to support our business model of developing high quality commercial and industrial projects with efficient capital provided by great partners,” said Mr. Bennett. “This is a highly scalable model that allows us to make life easy for our customers.  As a result, business is booming.”

Earlier this week, TerraForm Power announced it had completed its acquisition of 77.6 MW of  solar power plants from the Capital Dynamics U.S. Solar Energy Fund, L.P.

“The 39 high quality power plants we acquired with this transaction further our growth strategy and extend our leadership position in the fragmented distributed generation market place,” said Carlos Domenech, Terraform Power’s President and Chief Executive Officer.

It’s been a massive year for SunEdison, which began making its presence felt in Australia as well. In September, the company acquired the Energy Matters group of companies; incorporating Energy Matters, Apollo Energy and SunLock.

In July, Australia’s Clean Energy Finance Corporation (CEFC) announced it will provide finance of up to $70 million for SunEdison to provide solar financing programs for commercial and residential installations.

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